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March/April 2003 | ||||||||||||||||
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Industry Coalition Comments on Anti-Money Laundering Government Act By Cara Woudenberg · Online Editor NEW YORK — A coalition of leading jewelry and precious metal trade associations presented to the U.S. Treasury Department its comments on the proposed rules for compliance with the USA PATRIOTS Act. This ended a special response period — lasting from March 5-April 22 — given to the coalition to comment on the rules. (See Treasury Department Proposes New Laws to Prevent Money Laundering.) The USA PATRIOTS Act requires businesses to implement anti-money laundering programs. The document presented to the Treasury Department represents the jewelry industry's efforts to help the government better refine programs designed to prevent the laundering of funds to finance criminal activities through jewelry businesses. The new rules are expected to be finalized by the Treasury Department in the next several months. After the final regulations are published, dealers will have a period to comply. At that time, the Jewelers Vigilance Committee (JVC) will provide a template for jewelry companies to follow in order to comply with the anti-money laundering programs. To comply with the new proposed rules, companies that buy or sell precious metals or precious stones in excess of $50,000 for calendar year must develop and implement anti-money laundering programs reasonably designed to prevent efforts to use jewelry transactions for criminal purposes. The jewelry industry coalition that contributed to the documents consists of the Jewelers Vigilance Committee, Jewelers of America, Manufacturing Jewelers and Suppliers of America, Diamond Manufacturers and Importers of America, American Gem Trade Association, International Precious Metals Institute, World Gold Council, and American Gem Society. To read the entire document submitted by the jewelry industry coalition to the U.S. Treasury Department, click here to visit the JVC's Web site. News contributed by the Jewelers Vigilance Committee. Posted: May 1, 2003 |
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